- ETH’s price needs to stay above $1,500 for the price to have a chance to rally high to a region of $1,700.
- ETH’s price continues to trend, creating a more bullish bias as the price aim for $1,700, where the price could face resistance.
- ETH’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
The previous week saw the crypto market enjoy a strong run as Ethereum (ETH’s) price climbed to meet the hopes of traders who were hoping for it to stay in its upward trend. Many traders had high expectations that the price would rise to $1,700. There was no indication of Ethereum(ETH) slowing down and a rally possible to $2,000. While the market for crypto assets has experienced some relief, Ethereum (ETH), which is currently falling towards its critical support, shows mixed feelings. (Data taken from Binance).
Ethereum (ETH), Price Analysis on The Weekly Chart
Altcoins experienced over 2000% growth in the week prior to breaking out from their range-bound movements. Many believe that more hope is coming back into the crypto space.
The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of ETH suffering a minor price retracement back to a region of $1,550 just above its key support area of $1,500 after the price of ETH has shown strength breaking above $1,500 and holding up pretty well.
Despite dropping to $1,680 from the high it reached recently, the price per Ethereum still appears to be in good shape. With so much anticipation for ETH’s return to around $2,000.
For ETH to be able to rally above $1500 and potentially reach $2,000, the price must hold at least $1,500. If ETH falls below $1500 we may see weekly price support between $1,400-1,300.
Weekly resistance for the price of ETH – $1,680.
Weekly support for the price of ETH – $1,400-$1,300.
The Daily Price Analysis of ETH (1D) Chart
The daily price of ETH looks strong and could rise to $1,700 following bulls’ continued push higher on the chart.
The price of ETH trades at $1,590 after suffering a minor setback in the price of ETH; the price trades above the 50 EMA, which indicates a good relief sign for ETH’s price on the daily timeframe could be poised for a major breakout if prices close above $1,650 after facing rejection to trend higher.
Daily resistance for the ETH price – $1,680.
Daily support for the ETH price – $1,450-$1,400.
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